Global blockchain company nChain has signed a Memorandum of Understanding (MOU) with the Provincial Government of Bataan to digitize their local government processes and become a blockchain hub in Asia. Under the MOU, nChain will facilitate workshops and training for the government leaders of Bataan for them to understand the various use cases of blockchain.
According to nChain, blockchain can transform the country’s systems of auditing and tracking, micropayments, agriculture, disaster management, central bank digital currency, and automation. Blockchain can also boost the use of emerging technologies in the country such as artificial intelligence, the Internet of Things, and the Internet Protocol version 6
The special economic zone status of the Freeport Area of Bataan makes the province an attractive location for companies to harness the potential of blockchain according to nChain. The Authority of the Freeport Area of Bataan (AFAB) has also formulated the Offshore Blockchain and Financial Technology Solutions Policy to promote and regulate these activities.